SEID Intel by Oluwatoyin

Having worked in two Halal banks, I thought I had a pretty good idea of what the Halal economy looked like.

Finance. Non interest banking. Sukuk and other financial products. That was the part I knew.

Then I looked beyond banking and realized how much bigger it was.

The global Halal economy now cuts across food, pharmaceuticals, cosmetics, fashion, travel, media and finance. In 2024 alone, spending across six of these consumer sectors reached $2.6 trillion, and it is projected to reach $3.56 trillion by 2029.

Malaysia is a good example of what this can look like at scale. Its Halal exports reached RM68.52 billion in 2025, with food and beverages making up 53.8% and Halal ingredients another 31.2%.

At SEID, this is the kind of shift we pay attention to. Not just when a market is growing, but when that growth starts creating opportunities across completely different industries.

And that got me thinking about Nigeria.

Take shea butter. It is already used in cosmetics, personal care, food and pharmaceuticals, and can be an ingredient in Halal certified cosmetic and personal care products. Nigeria is one of the world’s major shea producing countries and we already process shea butter here.

The bigger question is how much further that processing can go.

NEPC says much of Nigeria’s shea has historically left the country as nuts, with the sector now pushing towards better processing, refined products, certification and finished products for export. There is a difference between having shea and building more businesses around it that can take the product further and capture more of its value.

That is what makes the Halal economy interesting.

It is not simply about certification. It is about the businesses, products and value chains that can serve a global market that is already worth trillions.

Nigeria already has businesses in food, beauty, pharmaceuticals, fashion and finance, all areas that sit within the wider Halal economy. The country has also launched a National Halal Economy Strategy in 2026 as it looks to build more structure around the sector.

For me, that is the interesting part.

Halal is no longer something I only associate with banking. It is a much bigger global market, and Nigerian businesses are already sitting in several parts of it.

It is a sector worth keeping an eye on.

Speaking of markets that are quietly changing shape, Nigeria’s gas market is also heading for a major shift. 

NMDPRA TO STOP REGULATING GAS PRICES BY 2028 

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says it is targeting September 2028 for the domestic gas market to move to a fully willing buyer, willing seller model.

In simple terms, gas prices would increasingly be determined by commercial agreements between buyers and sellers rather than regulation.

But getting there will depend on the market being ready. NMDPRA says that means more reliable gas supply, more buyers and sellers, stronger contracts, better payment discipline and access to transportation infrastructure.

And supply is still the big question.

The regulator has stressed that projects like the Ajaokuta Kaduna Kano (AKK) pipeline will only be commercially useful if there is enough gas to fill them. 

NMDPRA also expects to issue gas distribution licences to qualified companies in Q4 2026.

For businesses across the gas value chain, the next two years could therefore be important. The market is moving towards more commercial pricing, but infrastructure, supply and reliable contracting will determine how far that transition can actually go.

The 2028 target is set. Now the market has to catch up.

Here are a few other headlines that also caught my attention this week:

• FG begins free zones reform, targets abuse of duty-free concessions. The free zone is still free. Just not that free. 
• Airport cab operators to FAAN: N18m vehicle upgrade may push us out of business. At this rate, the taxi should be carrying investors, not passengers. 
• FG approves upgrade of Onne, Rivers, Delta, Calabar ports. Apapa and Tin Can can finally share the workload. 
• Air Peace Abuja-Maiduguri flight disrupted, airline blames aviation fuel unavailability, sunset restriction. One flight, two very Nigerian obstacles. 
• Nigeria’s public debt hits N166trn — up by N7trn in three months. Ohhh, interesting.
• Zamfara partners XEJet to begin Gusau-Abuja commercial flights. Gusau has officially joined the “I’ll just fly” club. 
• MDGIF: N671bn public funds leveraged to unlock N1.6trn private investment. Apparently, money really does attract money. 
• Pension industry backs infrastructure fund with N241bn commitment. Your pension just got a side hustle. 
• FG, Turkish firm exploring investment opportunities in fisheries sector, says Oyetola. Nigeria is fishing for investment. Literally. 
• Late tax payments to attract new interest rates from October 1. October 1: tax debt gets a gym membership. It’s about to grow. 

Just leaving that here.